Sales Tax Statute Modifications To Address Defect

The act:

• Makes corrections to the penalty for a taxpayer's failure to pay the correct amount of sales taxes due or for a taxpayer's failure to account for sales taxes correctly so that the statute reads the way the department of revenue applies the law;
• Changes the penalty section for use tax collections so that it is the same as for sales tax collections; legislative history makes clear that the legislature has intended these sections to be the same, but over the years bills revising these sections did not successfully align the 2 sections; and
• Repeals a temporary partial sales tax rate reduction for a new or used commercial truck, truck tractor, tractor, semitrailer, or vehicle used in combination therewith that has a gross vehicle weight rating in excess of 26,000 pounds. While the rate reduction could still be used, it is preempted by a full rate reduction for low-emitting vehicles in another statutory section. Any vehicle that could qualify for the temporary partial rate reduction in a TABOR refund year already qualifies for the full exemption from sales or use tax under the other section, so the partial rate reduction is not used.
  (Note: This summary applies to this bill as enacted.)